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FOR IMMEDIATE RELEASE

U.S.-EU INSURANCE DIALOGUE OUTLINES A
WAY FORWARD

WASHINGTON, D.C. (December 21, 2012) — After a year of intense discussion, the Steering Committee of the U.S.-EU Insurance Dialogue Project has issued a revised joint report and is proposing a set of common objectives along with a series of initiatives designed to enhance insurance regulatory cooperation and collaboration. The Steering Committee, which includes representatives of the National Association of Insurance Commissioners (NAIC), the U.S. Federal Insurance Office (FIO), the European Commission (Commission) and the European Insurance and Occupational Pensions Authority (EIOPA), will craft a detailed project plan in early 2013 to be pursued over the next five years.

The agreement on the “Way Forward” plan was made at a meeting this week in Frankfurt, Germany, where the parties developed common objectives and next steps to move forward largely based on a draft joint report published earlier this year. The publication summarized the key commonalities and differences between the systems for insurance regulation and supervision on both sides of the Atlantic. Following joint hearings in Washington, D.C. and Brussels, Belgium, the draft report was revised to increase accuracy and provide clarification of certain content. Read the final report here.

Today, the NAIC International Insurance Relations Leadership Group approved a motion to remit the proposals to the NAIC Executive Committee with a recommendation to engage the appropriate Committees in the work necessary to evaluate and carry out the recommendations.

“I believe we have achieved a greater mutual understanding of our respective solvency systems through the U.S.-EU Dialogue Project,” said NAIC President and Florida Insurance Commissioner Kevin M. McCarty. “We look forward to collaborating on the various initiatives agreed to by the Steering Committee. The Way Forward plan reflects our best efforts to identify key areas for enhancement and possible alignments between our solvency approaches. These efforts should lead to more efficient and effective regulatory oversight and increased policyholder protection.”

The U.S.-EU Dialogue Project began in January 2012, building on more than a decade of dialogue between U.S. and European insurance regulators, with the objective of further enhancing mutual understanding and cooperation for the benefit of insurance consumers, business opportunity and effective supervision. In the Way Forward proposal, the Steering Committee has identified common objectives and initiatives in important areas like group supervision and the coordination of international supervisory colleges as well as enhancements to data collection and analysis, independent third party reviews, and the conduct of on-site and off-site examinations. The goal of this work is to explore areas of potential alignment and opportunities for greater collaboration between the two systems over the longer term.

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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